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Q4FY21 Result Update - Tata Consultancy Services - ICICI Direct

Posted On: 2021-04-15 01:56:11 (Time Zone: UTC)


Tata Consultancy Services' (TCS) revenue growth was across geographies and verticals led by a ramp up of deal wins and transformational opportunities. US$ revenues grew 5.0% QoQ to $5,987.0 million vs. our estimate of 5.0% QoQ growth and $5,987.1 million estimate. EBIT margins expanded 20 bps QoQ to 26.8%. TCS has declared an interim dividend of Rs. 15/share. One of the key highlights was that the company's deal pipeline continues to be healthy at US$9.2 billion. The company aspires to register double digit revenue growth in FY22E.

Valuation & Outlook

Healthy deal wins and robust hiring points to higher growth in coming years. Going forward, we expect the win momentum to continue. This, coupled with improving trend of cloud migration and business transformation is expected to play a critical role in driving multi-year technology growth. Going forward, global digital technologies are expected to witness robust growth (~15-20% CAGR in the next five years) led by robust growth in cloud, customer experience and robust growth in cloud native technologies. Considering TCS' digital prowess coupled with market share gains via vendor consolidation, captive carve outs and increase in outsourcing we expect TCS to register robust growth in revenues in coming years. This, coupled with healthy margins and better capital allocation prompt us to be positive on the stock from long term perspective. Hence, we maintain our BUY rating on the stock with a revised target price of Rs. 3,800/share (PE of 30x on FY23E EPS) (earlier target price Rs. 3,600).

For details, click on the link below: https://www.icicidirect.com/mailimages/IDirect_TCS_Q4FY21.pdf

Shares of TATA CONSULTANCY SERVICES LTD. was last trading in BSE at Rs.3241.45 as compared to the previous close of Rs. 3322.2. The total number of shares traded during the day was 149202 in over 10714 trades.

The stock hit an intraday high of Rs. 3343.9 and intraday low of 3217.75. The net turnover during the day was Rs. 488565310.


Source: Equity Bulls

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